Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Better to file MFJ or MFS?
Is it better to file married filing jointly or married filing separately? I make $115k and my wife makes $113k.
Asked Tuesday, March 28, 2023 by John Q.Sign in to Answer
Tax deduction on legal expenses
I paid a settlement amount for the office suite I leased and couldn't afford to complete the lease. I ran an office as an independent contractor, self-employed, selling life insurance and annuities. In order to have a fair amount on the settlement I hired a lawyer to help me out. My question is, will I be able to deduct from my settlement payment and the legal fees from my income? Thank you for your advise.
Asked Monday, March 27, 2023 by James L.Sign in to Answer
Business structure
I am currently working for a company that pays me as a 1099 self employee and I stand to make over 120k per year so am I able to create a llc s-corp from this income?
Asked Monday, March 27, 2023 by Robert H.Sign in to Answer
Backdoor Roth/ Pro Rata rule/8606 form
I put 7000.00 dollars after tax money in an ira at Charles Schwab. 5 days later converted it to a Roth IRA. Thought this is the correct backdoor method. A month later rolled over a pretax 401K form a previous employer into that same IRA. I received a 1099R coded with a G for that rollover. I received another 1099R coded with a N for the 7000.00 back door, which is a recharacterization which I didn't do. I had Charles Schwab recode with a 2. That is what all the articles I read said it had to be. Then I read that you can't have any IRA balance as of 12/31/2022 to do a backdoor. This is called the pro rata rule. I am now confused how to fill out form 8606 and what my tax implications are. I have called Schwab they are no assistance. How do I fix this situation to file my taxes correctly and have the least tax implication this year and in the future.
Asked Monday, March 27, 2023 by Debbie B.Sign in to Answer
Offsetting gambling win
I had a gambling win in 2022. I have huge gambling losses in 2017-2021. Can I "Income average" or similar to offset the one year I won?
Asked Monday, March 27, 2023 by SAMUEL F.Sign in to Answer
Bankruptcy
What form do I file if I didn’t receive a W2
Asked Monday, March 27, 2023 by Dennis P.Sign in to Answer
Teens working
If my teens are employed do I still get to claim them since I am covering all their living expenses? Ages 17 and 18
Asked Monday, March 27, 2023 by Nicole F.Sign in to Answer
Where list cash income
I'm 62, single, no dep., Unemployed, earn $7800 cash sell cords of wood. Paid no taxes. Which line on 1040 do I list this income. Do I qualify for EITC credit refund.
Asked Monday, March 27, 2023 by Jeffrey C.Sign in to Answer
2015 state tax issue
My tax preparer did not file my 2015 state tax return like she was supposed to I was unaware of this until they recently started garnishing my wages now so what do I do can I file a tax return for the state from 8 years ago and they'll stop garnishing my wages I don't know what to do
Asked Monday, March 27, 2023 by Shawna J.Sign in to Answer
Do I have to pay taxes if I make less than $12k?
Can I stop having federal taxes withheld from my checks if I make less than $12k a year? -I file as a single dependent -I am 23 -I live in Georgia
Asked Monday, March 27, 2023 by Alyssa B.Sign in to Answer